Automatic contracts and other ideas


(Alex Savin) #1

What frustrates me most about current state of banking apps is a complete isolation and not much of flexibility. There are a lot of trivial things (or so I think) that could be achieved easily in a modern app. What I would need is ability to create transaction rules. For example:

When you get a salary transaction from my employer, contribute 5% to my savings account A, and 4% to my savings account B (on Mondo). Create those accounts if none exists.

There should be ability to create as many accounts as needed - even if those accounts are virtual and are only accessible within Mondo app. For each account you could again specify things like:

Every month if there is at least 100£ on my savings account C, contribute 20£ to Red Cross.

All those things should be IFTTT style user configurable and easily changeable without annoying calls to bank or other nonsense. Potentially you could outsource rules creation to the API and allow 3rd party app to import rule profiles into your Mondo profile.

Also, think about Goals. You could allow setting something like:

Help me reach a safe buffer which equals 3 months of my current salary, or Help me save for a holidays in Iceland

This would allow user to see how far is the progress and make adjustments.

Somehow I feel part of these ideas could already be implemented with the current API.


(James Billingham) #2

Sounds like a good hackathon idea. Are you coming tomorrow?


(Alex Savin) #3

Would love to, but moving house this weekend. Next time!


(Ben Tuffley) #4

This is a great idea!


(james_e_bell) #5

I really like this - one of my main frustrations in savings goals is the inability to rapidly create accounts - opening a savings account per goal with current banking processes is very frustrating! Even banks like Natwest which have invested in a savings goal system have a 1 goal to 1 traditional bank/savings account (http://personal.natwest.com/personal/savings/tools-for-savings/savings-goal-tool.html)

This should be implementable with virtual accounts (presumably virtual prepaid cards are a good platform for that - not sure what the issuance charge is for each card but mondo could pass that charge onto the user)


(Alex) #6

I was having this very conversation just last night :grin:

I’m going to be at the hack this weekend; would be really interested to work on this


(james_e_bell) #7

I think there is a huge opportunity for ‘wow’ moments with a current account thats smarter about savings and saving goals - a current account that knows your income/expenditure knows how much you can save each month (plus is able to ‘nudge’ you to help you succeed in your goals).
I know mondo are focusing on current accounts not savings but i think there is a lot of opportunity for marketable differentiation regarding savings and goals (the interest rate doesn’t really matter!)


(tom) #8

Some really great suggestions, thanks @AlexSavin!

We definitely do want to support budgeting/“saving for a goal” as part of the Mondo experience.

When we’ve previously said that we don’t intend to offer “savings accounts”, we mean in the sense of a “2 year fixed term bond at 1.9% interest”. We absolutely do want to help you set money aside.


(Alex Savin) #9

I honestly don’t care about the interest on savings account if you get me the easy of use


(Tim Robinson) #10

For me the idea of ‘savings’ accounts is not the interest gained, but the ring fencing/compartmentalising of funds.

If I know my car needs a service in 3 months and I need to save £300. My perfect bank would allow me to create a real or virtual savings account that I can transfer funds when and as they become free.

Leaving my current account always with my ‘safe to spend’ knowing that those funds are allocated elsewhere for their intended future purpose.

This is right up there with % of new funds being automatically split between accounts for automation of savings/investing